Dream of Home Ownership Alive in Ontario

But majority of Ontarians concerned that home ownership will be more difficult in the future

I have just returned from an excellent two days at OREA’s inaugural Campaign College, where speakers addressed the upcoming election and the issues surrounding home ownership.  OREA launched a home ownership matters campaign to highlight the importance of home ownership and why it matters to people, to communities, and to Ontario.

We have an obligation to protect the affordability of home ownership for future generations from its impact on job creation to the healthy and stable environment it provides for raising a family. The dream of home ownership is alive and well among Ontario renters, with 70 per cent reporting that they would like to buy at some point in the future.  Ontario is a province of home owners and we must ensure that this Canadian dream stay afloat through devoting effort to policy initiatives that will strengthen home ownership in Ontario for ourselves and for future generations.

We are urging all political parties in the 2011 provincial election to commit to making home ownership more affordable for Ontarians.

OREA is proposing three policy initiatives to strengthen home ownership in Ontario:

• An improved Land Transfer Tax (LTT) Rebate for first-time home buyers. OREA estimates that an improved LTT rebate would save a first-time buyer of an average resale home almost $1,500.
• A permanent Ontario Home Renovation Tax Rebate. A renovation tax rebate would create jobs and curb the growth of the underground economy.
• Reintroduce the Ontario Home Energy Efficiency Retrofit Rebate program. Investments in home energy efficiency will help home owners cope with rising energy costs and curb greenhouse gas emissions.

Survey highlights included:

• 94 per cent of Ontarians think that owning a home provides a healthy and stable environment for raising a family.
• 93 per cent of home owners want taxes on buying a home lowered.
• 95 per cent of home owners think that the government should provide incentives to reduce their energy costs.
• 94 per cent of homeowners believe that the government should encourage home-renovation through tax credits.
• 48 per cent of Ontario homeowners believe that home repairs/maintenance are the hardest parts of home ownership.

Home owners also report higher levels of civic engagement. The overwhelming majority (82 per cent) of Ontario home owners have donated to charity in the last two years; home owners are much more likely to say they voted in the last municipal election than renters; and 35 per cent of owners say they have volunteered in their community.

Support for home ownership means support for strong communities and a better Ontario.

For more information on the home ownership matters campaign and for tools and resources to support this issue, please visit: www.homeownershipmatters.ca.